Some years ago, I recall a professor who announced that (in the United States) charging someone an annual interest rate of 24% or more was considered usury.
The other day, someone I know in the United States received an unsolicited offer for a Toyota credit card that specified a 31.74% annual APR interest rate for cash advances and interest rates for "Toyota Rewards Visa Card Purchases" raging between 20.74% and 29.74% depending upon cred "worthiness."
QUESTION: Does this not constitute usury anymore in the U. S.? Does the United States have usury laws anymore; if so, what might they be?
I ask this because, for example, if someone borrowed, say, $100,000 at 31.74% and paid virtually nothing on the balance, the debt would rise to $200,000 in a little over two years. This seems to me, that without just usury laws, Americans are subjected to a "legal" form of gouging.